If you are a landlord, there are many hats that you have to wear. However, as a landlord, you also need to look out for yourself. You need to protect your investment, as well as yourself. For this reason, you need to make sure that you have enough insurance to cover your real estate business.
So, what do you need? Here are the types of insurance that you need for your business.
Basic landlord insurance is like homeowners insurance. It is used to cover any damage that may occur to your property. Liability is also included. This will help you if anyone gets injured on your property. It will also cover legal bills if you get sued due to injuries. You may also have some loss of income coverage.
Building code insurance. You may want to look into this type of insurance. This could be a lifesaver if you need to update your building to make sure that it is up to code. This will help to cover these expenses, which can be quite expensive.
Non-occupied dwelling coverage. Though most basic plans will cover loss of income, the truth is that they won’t cover it indefinitely. It may help you pay your bills if the building is unoccupied for a month or so. This extra coverage will protect your investment for an extended period of time.
If you truly want to make sure that you have enough insurance and are fully protected, you may want to talk to a professional. Here in Austin, TX, you need to contact us at Armadillo Insurance Agency. We would be glad to talk to you about your options.